Royal Bank of Canada Issues Positive Forecast for AT&T (NYSE:T) Stock Price

AT&T (NYSE:T) had its price target upped by investment analysts at Royal Bank of Canada from $26.00 to $27.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 12.38% from the company’s previous close.

T has been the subject of several other reports. Morgan Stanley raised AT&T from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $19.00 to $28.00 in a report on Monday, December 16th. Barclays increased their target price on shares of AT&T from $24.00 to $27.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Oppenheimer assumed coverage on AT&T in a research note on Tuesday, December 10th. They set an “outperform” rating and a $28.00 price target for the company. UBS Group upped their price objective on shares of AT&T from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Finally, Citigroup increased their price target on shares of AT&T from $26.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, AT&T currently has an average rating of “Moderate Buy” and a consensus price target of $25.94.

AT&T Stock Performance

NYSE:T opened at $24.03 on Tuesday. The firm has a market capitalization of $172.39 billion, a PE ratio of 19.63, a price-to-earnings-growth ratio of 3.50 and a beta of 0.59. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.73 and a quick ratio of 0.67. The business’s fifty day moving average price is $22.80 and its 200 day moving average price is $21.48. AT&T has a 12 month low of $15.94 and a 12 month high of $24.36.

AT&T (NYSE:T) last issued its earnings results on Monday, January 27th. The technology company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.06. AT&T had a return on equity of 13.97% and a net margin of 7.42%. On average, sell-side analysts anticipate that AT&T will post 2.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AT&T

Several hedge funds have recently modified their holdings of the company. Geode Capital Management LLC increased its stake in AT&T by 2.3% in the third quarter. Geode Capital Management LLC now owns 161,120,657 shares of the technology company’s stock valued at $3,532,684,000 after purchasing an additional 3,630,972 shares during the last quarter. Franklin Resources Inc. grew its holdings in AT&T by 41.4% in the third quarter. Franklin Resources Inc. now owns 7,947,913 shares of the technology company’s stock valued at $168,969,000 after purchasing an additional 2,326,904 shares during the period. National Pension Service lifted its stake in shares of AT&T by 15.8% in the 3rd quarter. National Pension Service now owns 15,769,707 shares of the technology company’s stock valued at $346,934,000 after purchasing an additional 2,152,016 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of AT&T by 112.9% during the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 2,916,698 shares of the technology company’s stock valued at $64,167,000 after purchasing an additional 1,546,679 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in AT&T by 7.5% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 17,218,490 shares of the technology company’s stock valued at $378,807,000 after purchasing an additional 1,206,330 shares in the last quarter. 57.10% of the stock is owned by institutional investors and hedge funds.

AT&T Company Profile

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.